By Sheri Kasprzak
Atlanta, Dec. 3 - Quick-Med Technologies Inc. said Friday it has raised $1 million in a private placement.
The company sold to Phronesis Partners LP 5 million shares at $0.20 each.
Phronesis also received warrants to buy shares at a price equal to $1 million divided by $0.40 each or 70% of the average market price for five consecutive trading days before the warrant is exercised.
Based in Gainesville, Fla., Quick-Med works with the U.S. Army to develop a treatment for mustard gas exposure. The company plans to use the proceeds from the deal for working capital and to fund its proposed growth plans.
| Issuer: | Quick-Med Technologies Inc.
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| Issue: | Stock
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| Amount: | $1 million
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| Shares: | 5 million
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| Price: | $0.20
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| Warrants: | For shares at a price equal to $1 million divided by $0.40 each or 70% of the average market price for five trading days
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| Investors: | Phronesis Partners LP
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| Settlement date: | Nov. 30
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| Stock price: | $0.14 at close Nov. 30
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